The whole PATH act is str8 🤡 stuff. Why they gotta hold our money hostage like this

Pro tip: stop checking WMR its usually behind. Check your transcript instead its more accurate

I've been following this thread and it's really helpful hearing everyone's experiences with OLT! I'm in a similar boat as Pedro - been using TurboTax forever but the cost keeps going up every year. One thing I haven't seen mentioned much is how OLT handles estimated quarterly payments if you have side gig income. Does anyone know if they provide the vouchers and calculate the amounts for next year's estimated payments like TurboTax does? That's been really convenient for my freelance work and I'd hate to lose that feature. Also, for those who made the switch - did you feel confident that your refund/tax owed amount was calculated correctly? I know some of you mentioned doing side-by-side comparisons, but I'm curious if anyone felt like they got a significantly different result between the two platforms that made them question the accuracy.

I made the switch from TurboTax to OLT last year and it's been great for my situation. I have investment income from multiple brokerages, rental property, and some consulting work on the side. The learning curve was minimal - maybe took an extra hour the first time through just to get familiar with their layout. One thing that really sold me was their transparent pricing. No surprise upgrades or "oh, you need Schedule C so that's an extra $40" nonsense like with TurboTax. Everything is included in their free federal filing. For investments, their import feature worked flawlessly with my Vanguard and TD Ameritrade accounts. The rental property section was comprehensive too - handled depreciation calculations and all the expense categories I needed. The only downside I noticed was their customer support is more limited than TurboTax, but honestly I didn't need to contact them at all. Their help articles were sufficient for the couple questions I had. Bottom line: saved me about $100+ compared to what TurboTax would have cost for the same tax situation, and the final numbers were exactly what I would have gotten with the more expensive option. Definitely worth trying, especially given the money you'll save.

Great question! As others have mentioned, you generally won't owe US taxes on transferring your own savings that were already earned and taxed overseas before you became a US resident. The transfer itself isn't a taxable event. However, I wanted to add a few practical tips for the actual transfer process: 1. **Documentation**: Keep detailed records of when you earned this money (pay stubs, tax returns from Japan) and proof that it was already taxed there. This will be helpful if the IRS ever has questions. 2. **Wire transfer considerations**: For $20k, a wire transfer is probably your best option, but be prepared for your US bank to ask questions about the source of funds due to anti-money laundering regulations. Have your Japanese employment documentation ready. 3. **Timing**: Since you're now a US resident, any interest earned on that Japanese account after your residency date would be taxable in the US. So it might make sense to transfer sooner rather than later to avoid complications with future interest income. 4. **FBAR filing**: Don't forget that if your Japanese account had over $10,000 at any point this year, you'll need to file FinCEN Form 114 by April 15 (with automatic extension to October 15). This is just reporting, not a tax. The key thing is that this is YOUR money that you already paid taxes on - you're just moving it from one account to another. Good luck with the transfer!

One thing I haven't seen mentioned yet is to be very careful about the timing of when you became a US tax resident versus when you earned this money in Japan. The IRS uses different tests (substantial presence test, green card test) to determine when you became a US person for tax purposes, and this might be different from when you physically moved or got your green card. If any portion of that $20k was earned AFTER you became a US tax resident (even if you were still physically working in Japan), that portion would be subject to US taxation as worldwide income. You'd need to look at the specific dates and possibly file amended returns if you haven't been reporting your Japanese income during any overlap period. Also, since you mentioned you got your green card last year, make sure you understand the first-year choice rules. Sometimes new residents can elect to be treated as US residents from an earlier date in their first year, which could affect how you report that Japanese income and when your worldwide income reporting obligation began. Given the complexity around timing and the potential for significant penalties if you get the foreign account reporting wrong, I'd really recommend consulting with a tax professional who specializes in international taxation, at least for this first year to make sure you're set up correctly going forward.

I was in almost the exact same situation last year - forgot a $650 1099-MISC from some consulting work. I agonized over it for weeks before finally deciding to amend. Here's what I learned: the IRS computer systems are really good at matching 1099s to tax returns, so they will eventually catch it. When they do, you'll get a CP2000 notice demanding the additional tax plus penalties and interest. For me, that would have meant turning a ~$140 tax bill into potentially $200+ with the 20% accuracy penalty. I ended up using TurboTax's amendment feature and it was honestly way easier than I expected. It imported all my original return info and I just had to add the missing 1099. Took maybe 45 minutes total including double-checking everything. The additional tax was $147 in my case. Filed it in March, got confirmation they received it in early May, and that was it. No audit, no scary letters, just peace of mind knowing I did the right thing. My advice: just bite the bullet and amend. The process isn't nearly as scary as it seems, and it's way better than waiting around wondering when they'll catch it. Plus you'll sleep better at night knowing your taxes are actually correct!

I've been following this thread and all the experiences shared here really helped me make my decision. I was in a similar spot with a forgotten $580 1099-NEC and kept going back and forth on whether to amend or just hope it wouldn't be noticed. After reading everyone's real-world experiences - especially the stories about CP2000 notices and penalty calculations - it's clear that amending is the way to go. The math is pretty straightforward: pay ~$130 in additional tax now, or potentially pay $200+ later when they catch it through their automated matching systems. What really convinced me was hearing from people like Miguel and Zoe who actually went through the amendment process and found it much easier than expected. The 30-45 minute time investment using tax software seems totally manageable, and knowing that filing an amended return doesn't increase audit risk was a huge relief. Thanks to everyone who shared their experiences - both the people who amended and those who shared what happened when they didn't. Having real examples instead of just theoretical advice made all the difference in helping me decide to do this properly rather than play the waiting game!

As someone who recently went through this exact process as an executor, I wanted to add a few practical tips that really helped me stay organized: First, create a dedicated checking account for the trust if you haven't already. This makes tracking all trust-related income and expenses much cleaner for tax reporting. When you sell the house, having all the proceeds flow through the trust account creates a clear paper trail. Second, keep meticulous records of ALL expenses related to the property from the date of death forward. This includes utilities, insurance, property taxes, maintenance, realtor fees, staging costs, repairs, etc. Many of these are deductible against the sale proceeds and can significantly reduce the trust's taxable gain. Regarding timing - don't wait until the last minute to start preparing the 1041. The form is more complex than a typical 1040, and if you're distributing proceeds to multiple beneficiaries, you'll need to prepare K-1s for each of them. They'll need those K-1s to file their own returns, so getting this done early helps everyone. One last thing - if the sale happens late in 2023, consider whether it makes sense to distribute the proceeds to beneficiaries before year-end. If they're in lower tax brackets than the trust's compressed tax rates, this could save the family money overall. The trust tax brackets are much more compressed than individual rates, so trusts hit higher rates quickly. You're doing great navigating this complex process - it's a lot to handle but you'll get through it!

I'm going through a very similar situation right now as a first-time executor, and I wanted to share something that really helped clarify the timeline for me. The key thing I learned is that there are actually two separate deadlines you're dealing with: 1. Your father's final personal tax return (Form 1040) - due April 15, 2023 for his 2022 tax year 2. The trust's tax return (Form 1041) - due April 15, 2024 for the 2023 tax year when you sell the house What really helped me was understanding that the trust becomes a separate taxpaying entity the moment it becomes irrevocable (when your father passed). So even though there was no income in 2022 after he died, you'll still want to get that EIN for the trust as soon as possible since you'll need it for the house sale and eventual 1041 filing. One thing that caught me off guard was learning about Form 706 (estate tax return). If your father's total estate (including the house value) exceeds $12.92 million for 2023, you'd also need to file this by 9 months after death (with possible 6-month extension). Most people don't hit this threshold, but it's worth checking. Also, don't forget that as executor, you have some flexibility with timing. If you need more time to get everything organized for the 1041 when the time comes, trusts can get an automatic 5-month extension by filing Form 7004. The whole process feels overwhelming at first, but breaking it down into these separate filing requirements and deadlines really helped me create a manageable timeline. You've got this!